Properties / 20024 S 231ST Place
FHA ASSUMABLERate: 7.06%

20024 S 231ST Place

$621,078
Queen Creek, AZ 85142
4 beds3 baths1,969 sqftSingle Family
The assumable advantage
7.06%
FHA assumed rate
$81,638 interest already paid off
Estimated Loan Balance$528,699
Cash to close$93,382
Est. Monthly PITI$4,219
Initial Loan Amount$539,427
Time on site49 days
Remaining Term27 years, 10 months
Seller's equity (what you pay)
$92,379
Cash or secondary financing
Monthly savings
$42
Versus today's market rate
Est. savings per year
$1K
Versus today's market rate

About this home

Priced Improvement - just reduced 23K+ - Beautiful 2-year-old turnkey home in Barney Farms featuring 4 bedrooms, 3 baths, and a 3-car garage. The open great room floor plan showcases granite countertops, tile backsplash, neutral finishes, luxury lighting, wainscoting, custom wood accent walls, and a stunning paneled TV feature wall. The oversized secondary bedroom offers flexible space for a teen retreat, guest suite, or bonus room. Professionally finished front and backyard include pavers, grass, and a privacy block wall for low-maintenance outdoor living. Enjoy the benefits of a nearly new home with designer upgrades already completed in one of the most desirable and active communities. Ride bikes on the paths, fish, swim, play, and even host events in the community center.

How assumption works for this home

Can I assume this FHA loan?

Yes, as long as you meet the lender's credit (620+) and DTI requirements. FHA assumptions require you to use the home as your primary residence.

How much cash do I actually need?

You need to cover the seller's equity of $92,379. If you don't have that in cash, we can help structure secondary financing to cover the gap.

Can investors assume this one?

No — FHA loans require owner-occupancy. If you're an investor, ask us about our VA inventory.

How long does this take?

Typically 45 days. The lender underwriting is 2–3 weeks, and the rest is standard closing.

Property details

Bedrooms4
Bathrooms3
Square feet1,969
Property typeSingle Family
MLS #7057722
CountyMaricopa County
Assumable loanFHA
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Investor?
FHA is primary-residence only. But Jeff has VA assumables in the same area.
Jeff Salazar
Active now · (602) 332-3860
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Payment & cash calculator

Cash covers the gap between the price and the existing loan balance. Changing this amount does not change the existing mortgage payment.

Est. mortgage payment (P&I)
$3,621/mo
Source est. payment (PITI)
$4,219/mo

P&I is principal and interest. PITI also includes estimated taxes and insurance. HOA fees and payments on any additional financing are separate.

Estimated equity gap$92,379

Asking price minus remaining loan balance. Closing costs are additional.

$0$92,379
Additional funds needed$0

The equity gap is covered. Closing costs and assumption fees still need to be confirmed.